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Morgan Stanley in profit rise
US bank Morgan Stanley saw a stronger than expected profit in the three months to the end of June.
The company made a net profit of $1.4bn (£917m) compared with a loss of $138m in the same period last year.
Morgan Stanley said remuneration for staff for the quarter – including the bonus pool – was $3.9bn.
But it said it had set aside $361m to cover the cost of a one-off tax on bonuses paid to UK employees.
Meanwhile Wells Fargo – another Wall Street bank – reported its quarterly net profit fell slightly to $3.1bn from $3.2bn a year earlier.